The Strategist

Saudi Aramco posts record first-quarter profit

05/16/2022 - 09:12

Saudi Aramco, the world's largest oil producer, stated that its net profit grew by 82 percent year on year to a record $39.5 billion in the first quarter of 2021.

Charles via flickr
Charles via flickr
According to the firm, "Aramco earned a record quarterly net profit of $39.5 billion, up 82 percent from the first quarter of 2021."

Higher oil prices and sales volumes, as well as greater refining profits, were the key contributors to the figure, according to Aramco.

In the reporting period, Aramco's free cash flow increased by 68 percent to $30.6 billion. The first quarter's capex is expected to be $7.6 billion.

The corporation also announced $18.8 billion in first-quarter dividends, which will be distributed in the second quarter. Furthermore, on May 12, Aramco's extraordinary shareholder meeting accepted the board's suggestion to capitalization $4 billion in retained earnings, assigning them to bonus shares to shareholders on a one-for-ten basis.